Former Morgan Keegan broker, Michael Venable, is Barred from the Securities Industry

FINRA has permanently barred former Morgan Keegan broker, Michael Venable, from the securities industry for investing his clients’ funds in highly leveraged Exchange Traded Funds, also referred to, as ETFs. According to FINRA, Michael Venable made the unsuitable investments for middle-class, unsophisticated and conservative clients with conservative investment objectives and risk profiles. Specifically, Michael Venable invested his clients’ funds in leveraged Direxion ETFs on margin. FINRA also ruled that Michael Venable engaged in excessive trading which generated high commissions for Venable.

If you invested with Michael Venable and/or have lost money investing in Direxion ETFs, please call Lax & Neville LLP at (212) 696-1999.